Will PoW Be what Pushes Us Towards Renewables?
Renewable energy is possible and there are many options. However we have only seen a small fraction of it being used throughout the world and limited innovation within it.
Why?
Costs, It's down right expensive up front to get started with renewable energy. Most solar panel systems will take you 15 years to recover the costs. For many this is just out of reach or out of mind and instead oil, coal etc are used as a cheap alternative.
For now anyways.
PoW crypto like Bitcoin who have scaled in value and are expected to continue to grow and with it comes an ever increasing demand for power to fuel the machines that secure the network.
El Salvador just launched their first crypto mining farm and started testing it. It produced 0.00599179 Bitcoin or about $280. Yeah not a lot but I'm curious to see what numbers it puts out once in full operation and running 24/7 that's going to be one of the big deciding factors on how quickly this will expand.
*This mockup doesn't look anything like the real thing lol
Now yes there are some negatives to geothermal power but a countries value honestly comes from how much power it can produce. The more power a country has the more automation and the more production can be achieved in anything.
The Future Of Energy
Oil prices continue to sky rocket. In fact they are starting to near all time highs we haven't seen in a long time. Which is a bit shocking as the amount of oil being used has greatly declined. This is most likely a result of restricted oil wells pumping from lockdown days and since then has not been ramped back up. While prices most likely could continue to climb they might see a dip again once production ramps back up. However during that time frame which is often generally slow we have the prime time for looking for alternative energy means.
Coal has also seen a massive record jump the highest we have EVER seen. Now touching at $218 from it's pervious highs in 2018 at just $116 we can clearly see there is a massive run up on energy producing.
Where does that leave us?
Better options to invest money into renewable resources that where once expensive to setup. These higher prices now mean you can off set the production costs compared to if you where to pay for energy.
This means companies will start investing money into these systems creating better more efficient energy producing machines for things like solar, wind, hydro, tidal, geothermal and biomass.
This will most likely be your long term hold companies in terms of stocks and later high dividend producers. Power companies as well as once thought of oil companies will start to transition to these other methods of power as our fossil fuels start to diminishes. It's reported that in most of our lifetimes we will see the complete use of fossil fuels and thus a new energy source needs to be found.
I know there is great debate over many of these things including global warming but you seriously can't sit there and say that fossil fuels won't eventually run out. They are a limited resource of which is coming harder to find and increasingly used. The question is how fast do we move to renewable sources and how much tech can be applied to get us there as fast as possible.